Overnight Markets: Citigroup results boost Wall Street

Wall Street gained on Monday after receiving a boost from solid earnings from Citigroup and a strong pick-up in retail sales last month.

The Dow Jones industrial average surged 146 points, or 0.91%, to end at 16,173. The Standard & Poor's 500 Index gained 15 points, or 0.82%, to finish at 1,831. The Nasdaq Composite Index advanced 23 points, or 0.57%, to close at 4,023.

Shares gained yesterday in early trading as strong results from Citigroup and bullish retail sales data lifted sentiment, though equities lost ground in the last hour of trading. US retail sales recorded their largest increase in 1-1/2 years in March.

Geopolitical tensions resurfaced after pro-Russian separatists ignored an ultimatum to leave occupied government buildings in eastern Ukraine as a threatened military offensive by government forces failed to materialise. Rebels in the town of Slaviansk issued a bold call for Russian President Vladimir Putin to help them.

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